Washington, March 28 (Prensa Latina) The United States budget project for fiscal year 2023 plans to allocate more funds for military spending and raise taxes for billionaires, as proposed today by President Joe Biden.
The plan addressed to Congress is valued at 5.8 billion dollars and will allow government spending to be financed in the period from October 1, 2022 to September 30, 2023.
This budget sends a clear message that we value fiscal responsibility, security at home and around the world, and the investments necessary to continue our growth, Biden said in a statement released by the White House.
In particular, the administration suggested among its priorities to dedicate 773 billion dollars for Department of Defense spending, which is 9.8 percent more than in 2021.
It also includes almost a billion dollars to maintain military aid to Ukraine while Russia’s military operation takes place, and also 6.9 billion for the so-called European Defense Initiative, the North Atlantic Treaty Organization (NATO).
The US executive also presented the possibility of applying a tax to those with incomes of more than 100 million dollars, something that the most progressive wing of the Democratic Party has been trying to approve for some time in an attempt to reduce inequality.
The White House asks in the text to expand funds to combat climate change, 81 thousand 700 million dollars for the Department of Health to prepare for future pandemics and nine thousand 900 million for the Centers for Disease Control and Prevention (CDC) .
As for the fiscal deficit, the US government estimates that it will be reduced by 1.3 percent, which would represent 4.5 percent of the Gross Domestic Product (GDP).
The Hill newspaper predicts that it will be very difficult for the Democrats to obtain the necessary support from the Republicans to give the green light to this project, mainly in the Senate, which is divided 50-50.
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